THE EUROPEAN UNION PARLIAMENT CONCLUDED THE CONTROVERSIAL DEBATE ON THE DEBT BURDEN, BUDGET DEFICIT AND THE EURO CRISIS WITH TOUGHER REGULATIONS AND -

THE EUROPEAN UNION PARLIAMENT CONCLUDED THE CONTROVERSIAL DEBATE ON DEBT BURDEN, BUDGET DEFICIT AND THE EURO CRISIS WITH TOUGHER REGULATIONS AND THE FINANCE TRANSACTION TAX INTRODUCTION.


The European Union Parliament concluded the controversial debate on the debt burden, budget deficit and the Euro currency crisis yesterday with three tougher regulations and additional tax introduction on money transaction through out the European Union for both the European Union citizens and foreign travelers to the Euro-zone who may require automated cash flow from banks and ATM machines for their traveling needs during travel, while in the Euro-zone. The finance transaction tax within the European Union zone for the domestic transaction and foreign transaction fees have been rated at the minimum rates of 0.1 and 0.01 percent per transaction respectively. The amount of money expected from the finance transaction tax has been estimated at the amount of over fifty four billion euros ($54,000,000,000.00) euros in annual income. This amount could be used to finance the financial rescue package allocated to member nations with poor credit line background, due to recession, or inefficient productivity capacity and down-graded economies. The tougher regulations that have qualified for bills that would be enacted to legislations entailed financial penalty on member nations with three percent (3%) points below the required credit line of the member nations within the Euro-zone, elevated financial and economic surveillance on member nations and additional penalties against under performing economies for increasing debt burden with possible removal from the Union.